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Intellect is a classic case of what can happen to a speculative stock when the market turns its back on it. After basking in the glory of a number of high profile contract wins and partnership deals back in May, on news that delays were occurring in the rollout of smart card platforms in its main European markets, sentiment went into reverse and the share price fell.

As expected, and even though revenue was up 8% to $71.3m, a $3.7m loss was reported for the year to June 1998. While this is not entirely good news for shareholders, our view on the company hasn't changed. The important thing...

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